Can you give everyone an update on your performance with Genesis Cloud Mining. I would like to hear how your doing now that 6 months has past since you initially wrote the article. Is it still profitable?
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Here is my last update:
Genesis Mining Review #7: 1 Year of X11 Dash Mining -- More Than Broke Even
My best days of mining with Genesis Mining contracts are $70 USD/day when BTC is reaching new highs. My average daily payout from Genesis Mining is now between $50 to $60 USD/day.
There was a week where Genesis Mining postponed payments due to an intrusion by a hacker. Payouts have resumed and from what I am seeing, the Genesis Mining payouts are catching up. Just based on my payouts, I can imagine Genesis Mining daily payouts are in the millions of dollars. If I were paying out that much, I would want to do a careful audit too before distributing the payouts.
To my friends and anyone who asks, I recommend the BTC and X11 (Dash) mining contracts at Genesis Mining. They ran out of X11 hash power to sell, but it should be available again in the near future.
I have an Ether Mining contract(s) with Genesis, but do not think I will break even. This is why I do not recommend those contracts. If ETH spikes up to $1,000 USD in price, the contract may payout better. I do not think that will happen.
If the X11 contracts are not available in August when I start my upgrade cycle again, I will be upgrading my BTC mining contracts. At my current rate of return, I will break even on those mining contracts well before the next BTC halving event.
That's my current update.
Have a great weekend!
Steem on,
Mike
Amen! 🙏
If you are interested in some FREE cryptocurrency, I did post the following opportunity yesterday:
Signup for FREE WCX Tokens and Earn by Referring Your Friends Before the ICO Sale
Mike, do you know why $BTC mining is much more lucrative then $ETH mining right now? If the price of ETH goes to $400 will Ethereum mining be more profitable?
Part of it has to do with the difficulty level. The difficulty level is a factor in determine how hard (difficult) it will be to come up with the next block in the block chain. That is my extremely basic understanding.
Here is a website where you can see the "difficulty level" for different crypto-coins:
https://www.coinwarz.com/cryptocurrency
Have a great week!
Steem on,
Mike
Thanks for the update. I still feel there is much opportunity to lose money if conditions are not favorable all the time. If the price of lets say $BTC drops for 6 months, then payouts will drop significantly. Do you know what the time decay looks like on a 2 year contract. For example, how much do daily payments drop on the last month of the 2 year contract vs the first month on the contract? What is the profit margin on $BTC mining until break even? I'm still trying to understand why cloud mining is not a gamble and a good way to lose money in uncertain market conditions. Any additional insights by the Steem community would be very helpful for me to better understand how cloud mining works. Thanks!